Last week, this precious metal hit as high as $1780 and ranged to the lows around the $1750s. But overall, the price has been relatively stagnant from a week ago, but last week's COT report showed us that big money could be starting to buy again.
With an increase in the amount of long contracts getting bought up shows that institutions could be gearing for a move in gold's price to the upside as inflationary fears return to the US. The Fed is likely not going to raise rates despite these concerns which is nothing but good news for gold. We're also seeing a decrease in the number of short positions, so shorts and longs aren't going up at the same time in the latest COT data. I think this week could have the potential to push price up to the $1780s again.
On the 1D chart, price is coming up to test a significant resistance level at $1780 where the pair has tested twice before. The 50 DMA is also in the way, but a strong up day could send price above. Support lies in the $1740-50s giving this consolidation range about a 40 point spread between heavy support and resistance.
10/26/2021 A string of articles have come out recently that will make you consider crypto and the potential around the emerging industry. Here are a few article headlines that I will summarize and explain why this is really important to the market as a whole. Tesla May Restart Crypto Transactions Again Several months ago, Tesla […]
Today I'll share some economic analysis on the CPI report and what to look for in order to tell if inflation will get worse. Lastly, I'll cover some ways that you can make an investment play on inflation. September CPI Report The Consumer Price Index report for September 2021 was published on October 12, 2021. […]
10/25/2021 Gold and crypto pairs have been on a tear recently due to several factors and one of them being inflation. Some analysts are calling for a prolonged run in demand for the precious metal and a $3000 per oz price in under a year. Our outlook I think that gold has been due for […]